Lufax, one of China’s major online wealth management platforms, plans to launch an initial public offering in April in Hong Kong, which could value the firm at about US$60 billion in what could be the city’s biggest fintech flotation.

The Ping An Insurance unit plans to file its applications to the Hong Kong exchange at the end of this month, according to people with knowledge of the matter.

The flotation could push Lufax’s valuation to US$60 billion, a three fold increase from US$18.5 billion after its last funding round in 2016.

Banks are still discussing the percentage of shares that could be sold, with initial estimates putting it at around 10 to 15 per cent of the company’s valuation, or US$6 billion to US$9 billion, one of the sources said.